Petrol Diesel Price: There has been no change in the price of petrol and diesel in the country for a long time. But it is being sold at 3 times higher rate than the current price of crude oil. After all, what is the reason that fuel prices are not decreasing in the country.
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From the international market to the domestic market, at present the price of crude oil is about 3 times less than the price of petrol in the country. Despite this, the price of fuel is not taking the name of coming down. The price of petrol in Delhi has been fixed at Rs 96.72 per liter for a long time, while the price of diesel is fixed at Rs 89.62 per litre.
Whereas if we look at the price of crude oil, its price on MCX is running at Rs 6,035 per barrel, which works out to Rs 38.19 per litre. Similarly, in the international market, the price of WTI crude oil is Rs 37.87 per liter and the price of Brent crude oil is Rs 40.56 per litre.
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Profits are not missing from companies
Despite crude oil being cheap, one of the major reasons why the prices of petrol and diesel have not come down in the country is that retail companies are earning huge profits on it. A report by ICICI Securities some time ago claimed that all the three government companies of the country have earned an average margin of Rs 1.2 a liter on petrol and diesel during the current quarter.
At the same time, the central government is also earning a lot from petrol and diesel in the form of excise duty, while the state governments are also busy filling their coffers through VAT. In the country, excise duty is currently charged at Rs 19.90 per liter on petrol and Rs 15.20 per liter on diesel. Whereas in different states, the rate of VAT on petrol is between 25 to 35 percent and on diesel, this rate is between 15 to 30 percent.
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Petrol and diesel prices have been fixed for a long time
Despite such a fall in the prices of crude oil, there has been no change in the price of petrol and diesel in the country for a long time. Apart from the national capital, the price of petrol has reached Rs 106.31 per liter in the economic capital of the country. Whereas the price of diesel is Rs 94.27 per litre.
Similarly, in the country’s southern state of Tamil Nadu, the price of petrol in Chennai is Rs 102.63 and that of diesel is Rs 94.24 per litre. Whereas in Kolkata, the price of petrol is running at Rs 106.03 and diesel at Rs 92.76 per litre.